The financial services industry dropped four spots, from ranking sixth in 2017 to 10th in MBLM’s Brand Intimacy 2018 Report, which is the largest study of brands based on emotions. The top three in the industry were PayPal, Chase and American Express. The remaining brands in the Top 10 for financial services were: Bank of America, Visa, Wells Fargo, MasterCard, Capital One, Citibank and U.S. Bank.
Brand Intimacy is defined as a new paradigm that leverages and strengthens the emotional bonds between a person and a brand. MBLM’s study again revealed that top intimate brands in the U.S. surpassed the top brands in the Fortune 500 and S&P indices in revenue and profit over the past 10 years.
“Eroding trust and technology advancements are two of many forces driving us towards a cashless future,” stated Mario Natarelli, managing partner at MBLM. “Financial services need to see their brands through the lens of the bonds they are forming with their customers. They need to credibly build more emotion and better nurture these bonds to change attitudes and leverage benefits.”
Other significant financial services findings from MBLM’s Brand Intimacy 2018 Report include:
MBLM also released an article revealing four key insights into how marketers in financial services can build stronger, more intimate relationships with their customers, “4 Essential Findings for Financial Services Brands.” MBLM revealed:
In addition to the release of the findings and article, MBLM also hosted a webinar entitled “Lessons from Top Performing Financial Services Brands.” A recording of the webinar can be found here.
This year’s report contains the most comprehensive rankings of brands based on emotion, analyzing the responses of 6,000 consumers and 54,000 brand evaluations across 15 industries in the U.S., Mexico and UAE. MBLM’s reports and interactive Brand Ranking Tool showcase the performance of almost 400 brands, revealing the characteristics and intensity of the consumer bonds.
During 2017, MBLM conducted an online quantitative survey among 6,000 consumers in the United States (3,000), Mexico (2,000), and the United Arab Emirates (1,000). Participants were respondents who were screened for age (i.e. 18 to 64 years of age) and annual household income ($35,000 or more) in the U.S. and socioeconomic levels in Mexico and the UAE (A, B, and C socioeconomic levels). Quotas were established to ensure that the sample mirrored census data for age, gender, income/socioeconomic level, and region. The survey was designed primarily to understand the extent to which consumers have relationships with brands and the strength of those relationships, from fairly detached to highly intimate. It is important to note that this study provides more than a mere ranking of brand performance and was specifically designed to provide prescriptive guidance to marketers. We modeled data from a total of 54,000 brand evaluations to quantify the mechanisms that drive intimacy. Through factor analysis, structural equation modeling, and other sophisticated analytic techniques, the research allows marketers to better understand which levers need to be pulled to build intimacy between brands and consumers.